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Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
What is a contra expense?
A reduction of an expense on the income statement.
What statement have selling expense?
Profit and Loss Statement
Is interest expense listed on the income statement as an operating expense?
yes
Where do the Maintenance expense go on the financial statement?
Maintence Expense is just like any other expense and will be reported on the income statement and deducted from Gross Income to obtain Net Income...
What accounts can be found in income statement?
Accounts found on an Income Statement are : Cost of Sales, Sales Rev., Selling Expense and Wage Expense
Where does utilities expense appear on the financial statement?
It typically falls on the income statement under general and administrative expenses.
Depreciation expense appears on what financial statement?
Income Statement
Why organisations need to recognize depreciation expense in the income statement?
Explain the concept of depreciation and why organisations need to recognise deprecations expense in the Income Statement.
Where to post bad debt expense on income statement?
It should be posted under operating expense.
Is store supplies expense a selling or general and administrative expense?
It is a selling expense to be accounted for on the Income Statement under Selling Expenses.
What is the formula of income statement?
Profit = income - expense
